You're not getting it Waco....if you put your money in a Unicorn exchange and the money freaking disappeared or was "stolen"....You would be the God damn idiot.
Look up Moral Hazzard....people like you need to quit looking for the government to save idiots from themselves!
This is no different than when Trump was in trouble with his casinos and took them public...pocketed the cash and promptly declared bankruptcy. The folks who invested in him were idiots.
Same with this Crypto shit.
- WTF
- 01-14-2023, 04:28 PM
- The_Waco_Kid
- 01-14-2023, 04:41 PM
You're not getting it Waco....if you put your money in a Unicorn exchange and the money freaking disappeared or was "stolen"....You would be the God damn idiot.
Look up Moral Hazzard....people like you need to quit looking for the government to save idiots from themselves!
This is no different than when Trump was in trouble with his casinos and took them public...pocketed the cash and promptly declared bankruptcy. The folks who invested in him were idiots.
Same with this Crypto shit. Originally Posted by WTF
it's totally different. you trying to bring Trump into this shows you don't understand what you are talking about. you refuse to accept that, risky or not, it was the fact that Sammy stole client money that caused their losses. volatility in crypto had nothing to do with that. there is volatility in any investment.
are you going to continue to deny the facts that are coming out that clearly show Sammy stole client funds just because you think crypto is some risky investment?
- WTF
- 01-14-2023, 05:12 PM
it's totally different. you trying to bring Trump into this shows you don't understand what you are talking about. you refuse to accept that, risky or not, it was the fact that Sammy stole client money that caused their losses. volatility in crypto had nothing to do with that. there is volatility in any investment.Had there been no volatility in Crypto...that is to say that Crypto continued upward, Sammy boy would have paid back his loans!
are you going to continue to deny the facts that are coming out that clearly show Sammy stole client funds just because you think crypto is some risky investment? Originally Posted by The_Waco_Kid
Trump conned folks into buying his stock just like all these Crypto promoters have conned folks into buying that horseshit.
Tiny is partially correct...as a Libertarian, I'm OK with con men separating fools from their money....well not ok but it can't be illegal.
- The_Waco_Kid
- 01-14-2023, 05:37 PM
Had there been no volatility in Crypto...that is to say that Crypto continued upward, Sammy boy would have paid back his loans!
Trump conned folks into buying his stock just like all these Crypto promoters have conned folks into buying that horseshit.
Tiny is partially correct...as a Libertarian, I'm OK with con men separating fools from their money....well not ok but it can't be illegal. Originally Posted by WTF
once again wrong. the value of crypto was never going to rise fast enough and not nearly high enough in a short period for it to even be remotely possible Sammy could cover his loans then earn enough to replace his customer's funds. the FTX users were already finding out their accounts didn't have any funds. these people, many of them, trade daily. it was never going to work if that's what Sammy was trying to do before it became known.
actually i'm not convinced Sammy was a conman. i think he actually thought he knew the game after just a few year's experience as a junior trader and could run a private equity firm. then when it all went south he became just a plain old thief by stealing FTX customer money to cover his loans.
- WTF
- 01-14-2023, 05:57 PM
I personally think every Crypto promoter is a Con man....whether they believe in their product is beside the point
- VitaMan
- 01-14-2023, 06:20 PM
Investment advise from TWK ?
How ironic.
How ironic.
- The_Waco_Kid
- 01-14-2023, 11:34 PM
and now, down go the Winklevi ..
bahahahaaaa
Sammy's crash is taking down all sorts ...
From 'Bitcoin Billionaires' to SEC Charges: A Brief Crypto History of the Winklevoss Twins
https://www.yahoo.com/finance/news/b...233829911.html
Andrew Hayward
Fri, January 13, 2023 at 5:38 PM CST
Cameron and Tyler Winklevoss went from being the co-originators of Facebook deceived by Mark Zuckerberg (as dramatized in the film “The Social Network”) to early crypto adopters who became "Bitcoin billionaires." Now their firm has been charged by the United States Securities and Exchange Commission (SEC).
The SEC hit the twins’ cryptocurrency exchange Gemini with charges of securities violations on Thursday due to its Gemini Earn program, which promised a return to customers who deposited their crypto holdings. Genesis, its lending partner in the program and a subsidiary of Digital Currency Group (DCG), was also charged in tandem with Gemini.
The charges come after several weeks of increasingly public disputes between Gemini and DCG leadership following November’s collapse of crypto exchange FTX, which triggered a fresh wave of industry contagion as funds stored on FTX were either locked away or missing. Genesis is reportedly on the hook for more than $900 million worth of Gemini customer funds.
Winklevoss Demands DCG CEO Barry Silbert Step Down, Alleges Accounting Fraud
How did it come to this? Here’s a look at the Winklevoss twins’ rapid rise in the crypto industry and the recent moves that led to a public spat between Gemini and DCG, the SEC charges, and an apparently vast hole in Gemini’s finances.
Founding Gemini
The Winklevoss twins received some $65 million in cash and Facebook stock in the 2008 settlement over the creation of the social media giant. After establishing family office Winklevoss Capital in 2012, the brothers began amassing large amounts of Bitcoin. The twins owned as much as 1% of the circulating supply of the leading cryptocurrency as of November 2013, according to the Washington Post.
They went from buying up a stash of Bitcoin to leading an investment round in BitInstant, an early Bitcoin exchange whose founder Charlie Shrem was later imprisoned for money laundering related to the Silk Road marketplace. Also that year, the twins attempted to launch the first-ever Bitcoin ETF (or exchange-traded fund), which was rejected by the SEC.
In 2015, the Winklevoss brothers opened Gemini, a cryptocurrency exchange licensed in its home state of New York. The platform expanded over the years and acquired NFT marketplace Nifty Gateway in 2019, ahead of the eventual NFT market boom in 2021. Parent company Gemini Space Station was valued at $7.1 billion as of November 2021.
Cameron and Tyler were deemed “Bitcoin billionaires” for the first time in 2017 (as chronicled in the Ben Mezrich book of the same name) as Bitcoin’s price surged to nearly $20,000, and Forbes currently estimates each brother to have a net worth of $1.1 billion.
But with the crypto industry in turmoil over the past several months, Gemini and its founders have faced new challenges. In June 2022, the U.S. Commodity Futures Trading Commission charged Gemini “for making material false or misleading statements” as it sought approval of its Bitcoin futures product, and Gemini laid off 10% of its staff as the crypto market tumbled.
Gemini vs. Genesis
A fresh wave of crypto industry turmoil sparked Gemini’s recent troubles, kick-started by the early November collapse of crypto exchange FTX and sister trading firm Alameda Research.
Soon after, Genesis announced that it would suspend customer withdrawals from its lending arm due to the “FTX impact,” citing “unprecedented market turmoil” in being unable to continue business as usual. Genesis was Gemini’s partner for its interest-bearing Earn product, and Gemini said that it would have to freeze customer funds as a result.
Gemini’s Winklevoss Slams DCG CEO Silbert for ‘Bad Faith Stall Tactics’ Over $900M in Locked Funds
In December, the Financial Times reported that Genesis held some $900 million worth of customer funds from the Gemini Earn program. Digital Currency Group—which owns Genesis, Grayscale Investments, and other crypto firms—is allegedly dealing with liquidity problems, according to Cameron Winklevoss, although founder and CEO Barry Silbert has assured investors otherwise.
At the start of 2023, the private negotiations between Gemini and Genesis spilled into public when Winklevoss penned an open letter to Silbert. In the letter, he accused Silbert of “bad faith stall tactics” towards finding a resolution to the dispute over the funds, suggesting evasive tactics on the part of the DCG head. Silbert denied the accusations.
Gemini Officially Terminates Crypto Earn Program Amid DCG, Genesis Spat
The allegations intensified on January 10 as Cameron Winklevoss called for Silbert’s resignation, suggesting misrepresentation and accounting fraud at DCG. The company responded by calling Winklevoss’ claims “another desperate and unconstructive publicity stunt” on the part of the Gemini founders, which it said were “solely responsible for operating Gemini Earn and marketing the program to its customers.”
Gemini then announced that it had officially terminated its Earn program, which it said would force Genesis to pay back what it said is over $900 million worth of customer funds that it holds. The program had operated for nearly two years in partnership between Gemini and Genesis.
SEC charges
That situation remains unresolved as of this writing, but now both Gemini and Genesis both face a new hurdle in the form of the SEC charges related to Gemini Earn. The agency alleges that the firms sold unregistered securities to customers, raising billions of dollars’ worth of crypto in the process from hundreds of thousands of users.
SEC Hits Genesis, Gemini With Securities Law Violations for Gemini Earn Program
"We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors," SEC Chair Gary Gensler said. "Today's charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws."
In a tweet response, Tyler Winklevoss questioned the timing of the charges, saying that Gemini had been in discussions with the SEC for 17 months and that the program was regulated by the New York Department of Financial Services.
“Despite these ongoing conversations, the SEC chose to announce their lawsuit to the press before notifying us. Super lame,” he tweeted. “It’s unfortunate that they’re optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors.”
He added that “Gemini has always worked hard to comply with all relevant laws and regulations.” Genesis and DCG have yet to comment on the SEC charges.
bahahahaaaa
Sammy's crash is taking down all sorts ...
From 'Bitcoin Billionaires' to SEC Charges: A Brief Crypto History of the Winklevoss Twins
https://www.yahoo.com/finance/news/b...233829911.html
Andrew Hayward
Fri, January 13, 2023 at 5:38 PM CST
Cameron and Tyler Winklevoss went from being the co-originators of Facebook deceived by Mark Zuckerberg (as dramatized in the film “The Social Network”) to early crypto adopters who became "Bitcoin billionaires." Now their firm has been charged by the United States Securities and Exchange Commission (SEC).
The SEC hit the twins’ cryptocurrency exchange Gemini with charges of securities violations on Thursday due to its Gemini Earn program, which promised a return to customers who deposited their crypto holdings. Genesis, its lending partner in the program and a subsidiary of Digital Currency Group (DCG), was also charged in tandem with Gemini.
The charges come after several weeks of increasingly public disputes between Gemini and DCG leadership following November’s collapse of crypto exchange FTX, which triggered a fresh wave of industry contagion as funds stored on FTX were either locked away or missing. Genesis is reportedly on the hook for more than $900 million worth of Gemini customer funds.
Winklevoss Demands DCG CEO Barry Silbert Step Down, Alleges Accounting Fraud
How did it come to this? Here’s a look at the Winklevoss twins’ rapid rise in the crypto industry and the recent moves that led to a public spat between Gemini and DCG, the SEC charges, and an apparently vast hole in Gemini’s finances.
Founding Gemini
The Winklevoss twins received some $65 million in cash and Facebook stock in the 2008 settlement over the creation of the social media giant. After establishing family office Winklevoss Capital in 2012, the brothers began amassing large amounts of Bitcoin. The twins owned as much as 1% of the circulating supply of the leading cryptocurrency as of November 2013, according to the Washington Post.
They went from buying up a stash of Bitcoin to leading an investment round in BitInstant, an early Bitcoin exchange whose founder Charlie Shrem was later imprisoned for money laundering related to the Silk Road marketplace. Also that year, the twins attempted to launch the first-ever Bitcoin ETF (or exchange-traded fund), which was rejected by the SEC.
In 2015, the Winklevoss brothers opened Gemini, a cryptocurrency exchange licensed in its home state of New York. The platform expanded over the years and acquired NFT marketplace Nifty Gateway in 2019, ahead of the eventual NFT market boom in 2021. Parent company Gemini Space Station was valued at $7.1 billion as of November 2021.
Cameron and Tyler were deemed “Bitcoin billionaires” for the first time in 2017 (as chronicled in the Ben Mezrich book of the same name) as Bitcoin’s price surged to nearly $20,000, and Forbes currently estimates each brother to have a net worth of $1.1 billion.
But with the crypto industry in turmoil over the past several months, Gemini and its founders have faced new challenges. In June 2022, the U.S. Commodity Futures Trading Commission charged Gemini “for making material false or misleading statements” as it sought approval of its Bitcoin futures product, and Gemini laid off 10% of its staff as the crypto market tumbled.
Gemini vs. Genesis
A fresh wave of crypto industry turmoil sparked Gemini’s recent troubles, kick-started by the early November collapse of crypto exchange FTX and sister trading firm Alameda Research.
Soon after, Genesis announced that it would suspend customer withdrawals from its lending arm due to the “FTX impact,” citing “unprecedented market turmoil” in being unable to continue business as usual. Genesis was Gemini’s partner for its interest-bearing Earn product, and Gemini said that it would have to freeze customer funds as a result.
Gemini’s Winklevoss Slams DCG CEO Silbert for ‘Bad Faith Stall Tactics’ Over $900M in Locked Funds
In December, the Financial Times reported that Genesis held some $900 million worth of customer funds from the Gemini Earn program. Digital Currency Group—which owns Genesis, Grayscale Investments, and other crypto firms—is allegedly dealing with liquidity problems, according to Cameron Winklevoss, although founder and CEO Barry Silbert has assured investors otherwise.
At the start of 2023, the private negotiations between Gemini and Genesis spilled into public when Winklevoss penned an open letter to Silbert. In the letter, he accused Silbert of “bad faith stall tactics” towards finding a resolution to the dispute over the funds, suggesting evasive tactics on the part of the DCG head. Silbert denied the accusations.
Gemini Officially Terminates Crypto Earn Program Amid DCG, Genesis Spat
The allegations intensified on January 10 as Cameron Winklevoss called for Silbert’s resignation, suggesting misrepresentation and accounting fraud at DCG. The company responded by calling Winklevoss’ claims “another desperate and unconstructive publicity stunt” on the part of the Gemini founders, which it said were “solely responsible for operating Gemini Earn and marketing the program to its customers.”
Gemini then announced that it had officially terminated its Earn program, which it said would force Genesis to pay back what it said is over $900 million worth of customer funds that it holds. The program had operated for nearly two years in partnership between Gemini and Genesis.
SEC charges
That situation remains unresolved as of this writing, but now both Gemini and Genesis both face a new hurdle in the form of the SEC charges related to Gemini Earn. The agency alleges that the firms sold unregistered securities to customers, raising billions of dollars’ worth of crypto in the process from hundreds of thousands of users.
SEC Hits Genesis, Gemini With Securities Law Violations for Gemini Earn Program
"We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors," SEC Chair Gary Gensler said. "Today's charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws."
In a tweet response, Tyler Winklevoss questioned the timing of the charges, saying that Gemini had been in discussions with the SEC for 17 months and that the program was regulated by the New York Department of Financial Services.
“Despite these ongoing conversations, the SEC chose to announce their lawsuit to the press before notifying us. Super lame,” he tweeted. “It’s unfortunate that they’re optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors.”
He added that “Gemini has always worked hard to comply with all relevant laws and regulations.” Genesis and DCG have yet to comment on the SEC charges.
- Jackie S
- 01-15-2023, 08:02 AM
- WTF
- 01-15-2023, 01:46 PM
Something we agree on.Waco is doing a helluva good job making excuses for those idiots!
However, the con man has to have those willing to be “conned”. It seems there is an endless supply. Originally Posted by Jackie S
It is funny how most of the skeptics of early Crypto became investors and promoters of the crap. They are more guilty than lil lo Sam imho.
- The_Waco_Kid
- 01-15-2023, 02:42 PM
Waco is doing a helluva good job making excuses for those idiots!
It is funny how most of the skeptics of early Crypto became investors and promoters of the crap. They are more guilty than lil lo Sam imho. Originally Posted by WTF
who's making excuses? which idiots? the people sammy stole from? only in your world are victims "idiots". and yet you fret over homeless bums not being able to vote. do you think Tom Brady, Shaq and Steph Curry should be sued for promoting FTX? they are of course so the real question without any trial yet, do you automatically think they are guilty? probably. by the way it's a class action civil suit so Tommy, Shaq and Curry aren't going to jail. what a shame in your opinion, right?
- VitaMan
- 01-15-2023, 04:12 PM
Strange post.
A summary statement is "Investigate before you invest."
If you invest your money somewhere that does not have investor protection insurance (SIPC comes to mind), you could be scammed or swindled. That is what look like happened here. Victims ? A better choice of words may be "scammed".
As for promoters or ads ? Have to see what the courts say. You forgot Matt Damon. He even quoted Teddy Roosevelt in his promotions. Jason Bourne would never had done those ads.
A summary statement is "Investigate before you invest."
If you invest your money somewhere that does not have investor protection insurance (SIPC comes to mind), you could be scammed or swindled. That is what look like happened here. Victims ? A better choice of words may be "scammed".
As for promoters or ads ? Have to see what the courts say. You forgot Matt Damon. He even quoted Teddy Roosevelt in his promotions. Jason Bourne would never had done those ads.
- The_Waco_Kid
- 01-15-2023, 04:33 PM
Strange post.
A summary statement is "Investigate before you invest."
If you invest your money somewhere that does not have investor protection insurance (SIPC comes to mind), you could be scammed or swindled. That is what look like happened here. Victims ? A better choice of words may be "scammed".
As for promoters or ads ? Have to see what the courts say. You forgot Matt Damon. He even quoted Teddy Roosevelt in his promotions. Jason Bourne would never had done those ads. Originally Posted by VitaMan
not really. i just didn't bother to list him along with Brady's now ex-wife and Kevin O'Leary to name a few more who did promo's for FTX. Larry David too. and Naomi Osaka.
https://apnews.com/article/entertain...f4d201e568ebee
Tom Brady, Larry David, other celebrities named in FTX suit
a lot of this hinges on whether or not crypto can be considered a security in the traditional investing sense. that subject has been hashed about for some time without any real clear results.
- Tiny
- 01-15-2023, 04:55 PM
I'm not sure what we're arguing about here. Yeah, I took WTF and Vitaman to the woodshed over the relevance of Donald Trump to the FTX bankruptcy, but that was in the other thread.
We all believe that crypto is at least a somewhat dubious investment, and that the perpetrators of the fraud at FTX deserve punishment. Now, about punishment, WTF may not actually come out and say that, but he believes it.
Thanks for the reading material Waco Kid. This is going to end up being more entertaining than Madoff.
We all believe that crypto is at least a somewhat dubious investment, and that the perpetrators of the fraud at FTX deserve punishment. Now, about punishment, WTF may not actually come out and say that, but he believes it.
Thanks for the reading material Waco Kid. This is going to end up being more entertaining than Madoff.
- WTF
- 01-15-2023, 05:06 PM
who's making excuses?It never ceases to amaze me how much you can misstate what I actually say. I suppose I need to lower my expectations but they ain't to high as is
YOU
which idiots?
CRYPTO INVESTORS
the people sammy stole from?
YES...THE PEOPLE STUPID ENOUGH OR GREEDY OR A COMBO
only in your world are victims "idiots". and yet you fret over homeless bums not being able to vote.
EVEN THESE CRYPTO IDIOTS SHOULD BE ABLE TO VOTE...though you are a tad off topic here.
do you think Tom Brady, Shaq and Steph Curry should be sued for promoting FTX? ANYONE CAN BE SUED. I DO NOT THINK THERE IS AA GOOD CASE IMHO.
they are of course so the real question without any trial yet, do you automatically think they are guilty? probably. by the way it's a class action civil suit so Tommy, Shaq and Curry aren't going to jail. what a shame in your opinion, right?
SEE ABOVE Originally Posted by The_Waco_Kid
- The_Waco_Kid
- 01-15-2023, 05:26 PM
It never ceases to amaze me how much you can misstate what I actually say. I suppose I need to lower my expectations but they ain't to high as is
interesting how you always claim everyone misstates what you say.
Originally Posted by The_Waco_Kid
who's making excuses?
YOU
which idiots?
CRYPTO INVESTORS
the people sammy stole from?
YES...THE PEOPLE STUPID ENOUGH OR GREEDY OR A COMBO
so what does it take for a victim to be a victim? would you think they are victims if sammy had walked into their houses and demanded their passwords at gun point? not like he needed to because he controlled the exchange.
your contention that crypto is a "risky" investment has no bearing at all on the fact that sammy illegally took customer funds. if you were right then the DOJ wouldn't even file charges yet they did. pretty sure the DOJ knows law better than you.
only in your world are victims "idiots". and yet you fret over homeless bums not being able to vote.
EVEN THESE CRYPTO IDIOTS SHOULD BE ABLE TO VOTE...though you are a tad off topic here.
do you think Tom Brady, Shaq and Steph Curry should be sued for promoting FTX? ANYONE CAN BE SUED. I DO NOT THINK THERE IS AA GOOD CASE IMHO.
probably not. at lease we agree on that. again it has to do with how crypto currency is defined by the SEC. TBD on that point.
they are of course so the real question without any trial yet, do you automatically think they are guilty? probably. by the way it's a class action civil suit so Tommy, Shaq and Curry aren't going to jail. what a shame in your opinion, right?
SEE ABOVE